With the introduction of many derivatives into the capital market, including stock index futures, the trading strategies in financial markets have been gradually enriched. However, there is still no theoretical model that can determine whether these strategies are effective, what the risks are,...

We propose an empirical behavioral order-driven (EBOD) model with price limit rules, which consists of an order placement process and an order cancellation process. All the ingredients of the model are determined based on the empirical microscopic regularities in the order flows of stocks traded...

This paper investigates the impact of economic policy uncertainty (EPU) on the crash risk of US stock market during the COVID-19 pandemic. To this end, we use the GARCH-S (GARCH with skewness) model to estimate daily skewness as a proxy for the stock market crash risk. The empirical results show...

Sudden and uncertain events often cause cross-contagion of risk among various sectors of the macroeconomy. This paper introduces the stochastic volatility shock that follows a thick-tailed Student's t-distribution into a high-order approximate dynamic stochastic general equilibrium (DSGE) model...

This paper examines how independent directors' social capital, as measured by their social network, affects corporate fraud. We find that firms with well-connected independent directors are less likely to commit fraud, supporting our monitoring effect hypothesis. This result is robust to a...

Active government intervention is a striking characteristic of the Chinese stock market. This study develops a behavioral heterogeneous agent model (HAM) comprising fundamentalists, chartists, and stabilizers to investigate investors' dynamic switching mechanisms under government intervention....

Reasonable layout of logistics centers in the ASEAN countries has important practical significance for improving logistics network efficiency and reducing logistics transportation costs. This paper based on the current status of the ASEAN logistics network and the characteristics of the...

In the digital era, job crafting is critical. However, limited studies concern the antecedent mechanisms of job crafting in the Chinese organizational context. Accordingly, from the perspective of power distance (one important variable of organizational values in China context), this study...

In the digital era, many organizations adopt multiple team membership (MTM) as a job model. However, this remains a relatively new management topic. Therefore, further theoretical studies are urgently needed. First, after theoretical analysis, our study proposes that there may be a...